Phoenix Petroleum wins franchise award

MANILA, Philippines - Independent oil player Phoenix Petroleum Philippines Inc. has bagged an award as outstanding Filipino franchise in the recent Franchise Excellence Awards (FEA).

The oil firm disclosed yesterday it was named the Outstanding Filipino Franchise in Retail – Large Store category in the 2015 edition of the FEA.

Organized by the Philippine Franchise Association and the Department of Trade and Industry, FEA is the most distinguished award in the franchising sector, given to businesses that epitomize excellence in business growth and ethical practices.

The awards is in cooperation with the Philippine Retailers Association and the Philippine Chamber of Commerce and Industry.

Phoenix Petroleum was recognized for being a successful and fast-growing, home-grown company in an industry dominated by major oil players.

Starting with five stations in 2005, Phoenix Petroleum now has 443 stations as of end-June through franchising, making it the biggest independent oil player in the Philippines.

At the same time, its aggressive network expansion allowed the company to enjoy a 4.1 percent share of the total market as of end-2014.

“This recognition makes us more inspired to spread a culture of entrepreneurship with our business partners and within the team, so that we continue to be adaptable, determined, and quick to seize opportunities,” company president and CEO Dennis Uy said.

Phoenix Petroleum’s businesses span trading, terminaling and hauling, as well distribution of lubricants and chemicals.

Despite the decline in oil prices since the middle of 2014, Phoenix Petroleum reported a 5.82 percent increase in net income to P425 million in the first half of 2015 from P401 million in the same period in 2014.

The company attributed the growth in profit to the improvement in sales mix and higher efficiency in its trading and supply management amid the 40 percent drop in fuel selling prices.